Archive for the ‘Home Loans’ Category

First Time Home Buyer Tax Credit Extended until 2011 for Members of Military

The $8,000 and $6,5000 tax credits have been extended for members of the military. The program has been extended until April 30th 2010. Congress acknowledged the unique circumstances affecting military families and therefore made some exceptions for service men and women. The tax credit can also be used in combination with VA loans.

What is a VA loan????

There are many lending options available to someone looking to purchase a home. If you are a member of the military one of the options includes a VA loan. The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of owning a home became a reality for many families. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.